Glencore plans $4 billion copper investment in Argentina

Glencore announced an estimated $4 billion capital investment to develop the Agua Rica copper project in Catamarca, Argentina. The announcement was made in Paris by Argentine President Javier Milei and Glencore CEO Gary Nagle during an Argentina-focused event. The venture, operated by Glencore unit Minera Agua Rica, has been approved under Argentina's Incentive Regime for Large Investments (RIGI).

During the first two years, Glencore plans to spend $771 million, which is nearly ten times the minimum requirement set by the RIGI framework. The project will be financed through a mix of equity contributions and Glencore debt. The site is expected to produce an annual average of 200,000 tons of copper, generating an estimated $2.167 billion in annual exports, with all production shipped to international markets.

The project will utilise existing regional infrastructure. Extracted ore will be processed at the Alumbrera plant and transported through a slurry pipeline to Tucumán, before moving by rail to the port of Rosario. The plan also covers infrastructure works covering roads, energy, and water.

Construction is scheduled to begin in November 2027, with operations estimated to start in October 2031. Construction is expected to create up to 3,500 jobs, followed by an estimated 1,250 direct jobs and 3,750 indirect jobs once operational.